Scripps Networks Interactive will attempt to become the sole owner of the Polish national commercial broadcaster TVN once its acquisition of a 52.7% stake is completed.
Under Polish law, it is required to initiate a mandatory public tender offer to increase its ownership interest in TVN to 66% within three months of completion of the 52.7% stake deal.
It also plans to acquire the remaining public ownership of TVN and delist it from the Warsaw Stock Exchange, though no price for its offer has yet been set.
Commenting on the company’s intentions, Kenneth W. Lowe, chairman, president and CEO of Scripps Networks Interactive, said: “Taking full ownership of TVN will enable Scripps Networks Interactive to fully realise the strategic and financial opportunities afforded by the TVN acquisition.
“TVN is a strong and compelling business in one of Europe’s key media markets, and under Markus Tellenbach’s leadership, it will play an important role in our continued expansion in the region.”
As previously reported in Broadband TV News, Scripps agreed earlier this year to buy a 52.7% in TVN from Canal+ and ITI Group for €584 million in cash.